We downgrade our rating to MARKET PERFORM from BUY despite raising our target price (TP) by 39% to VND19,500/share as GVR’s share price has surged ~60% over the last three months. Our higher TP mainly reflects a 12% aggregate increase in our NPAT-MI forecasts over 2020-2025F due to higher assumed average sales prices (ASP) for GVR’s industrial park segment — plus the positive impact from rolling over our TP to end-2021 and a 0.9-ppt reduction in WACC. We forecast 2020 revenue of VND19.6tn